<div><em><strong>Tarun Chugh</strong>, MD & CEO, PNB MetLife Insurance, makes you consider three important things while discussing insurance needs with your advisor</em></div><div> </div><div> </div><div>Choosing the right Life Insurance to buy is not easy. This might explain why in India, only 4 per cent of us own a Life Insurance plan. Even in the metros where consumers are more informed about insurance and its benefits, you still hear about these complains:</div><div> </div><div>“I did not know this was for long-term, I was told three years”,</div><div>“I bought this for tax saving purpose only”,</div><div>“I was not aware that this was a market linked plan”,</div><div>“I don’t think I have adequate Life Cover”</div><div> </div><div>So, to help you choose the right Life Insurance plan, here are 3 simple guidelines you need to consider.</div><div> </div><div>1)<span class="Apple-tab-span" style="white-space:pre"> </span><strong>Always ask for a free Need Base Analysis to see if insurance is right for you</strong></div><div> </div><div>Buying life insurance depends on many factors like income, health, age, expenses and goals. While insurance can become an integral part of your financial portfolio, many consumers don’t know that they can request for a no-obligation Need Base Analysis from insurance companies to determine whether insurance products are right for them. </div><div> </div><div>2) <strong>Assess financial protection for your family</strong></div><div>One of the key considerations when buying insurance is to provide financial security for your family. It is important for you to assess your family’s financial needs and determine the regular income amount your family will receive should something unfortunate happens to you. That will help you decide how much life coverage you need for your plan so that your family can receive the desired monthly income.</div><div> </div><div>3) <strong>Ensure insurance proposal form filled in properly</strong></div><div> </div><div>It is often said that the moment of truth for an insurance policy is when a claim is made and the insured amount is successfully paid out to the policyholder’s family. One of the most overlooked processes when buying insurance is the completeness of information provided by the policyholder. It is crucial that you provide all the necessary details and documentations truthfully and honestly to ensure a smooth claim process. If you are the one submitting a claim, make sure that the details you provide are clearly stated as well.</div><div> </div>
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